10/11/08

Transocean Taking Taxes To Switzerland From Cayman (RIG)

Transocean Inc. (NYSE:RIG), one of the world's largest offshore drilling companies, is proposing to move its incorporation location from the Cayman Islands to Switzerland. To make the move, the company needs approval from the Cayman courts and stockholders. Transocean expects to receive both and to make the move in late 2008 or early 2009.

The company's main base of operations will remain in Houston, but the CEO and 13 other executives are expected to move to new headquarters in Geneva. According to Transocean's CEO, the company is making the move in our to "improve our ability to maintain a competitive worldwide effective corporate tax rate." Transocean will continue to list its stock only on the NYSE and will not change its ticker symbol.